ABI blames IFAs for misjudging Kaupthing risk

It hit back at AIFA's claims made earlier in the week that providers who designed the products have a responsibility for making sure "products are fit to purpose and well-targeted". Speaking at the Treasury Select Committee's Banking Crisis Enquiry, Chris Cummings, director general of AIFA also said providers should inform the market if a product's risk profile changes. "As IFAs, our duty to our clients is to challenge the market to be open and honest with us, but we can only know what we know at the time," he added responding to an MP's concern that AIFA was 'passing the buck'. Howev...